UP-RERA Cracks Down on PDA: Ensuring Allottees' Rights in Uttar Pradesh
UP-RERA takes stern action against PDA to facilitate registry and possession for allottees
Up ReraPdaReal EstateRegulatory AuthorityUttar PradeshReal EstateMay 28, 2024
The primary concern of UP-RERA is to ensure that the registry and possession of properties are in favor of the allottees. The regulatory body has received several complaints from homebuyers regarding the delay in possession and registry of their properties. The PDA's lack of cooperation has hindered the process, leading to frustration among the allottees.
UP-RERA has directed the PDA to provide a detailed report on the status of ongoing projects and the reasons for the delay in possession and registry. The regulatory body has also sought information on the action taken against the defaulting builders and the measures implemented to prevent such delays in the future.
The move is seen as a positive step towards protecting the interests of homebuyers in Uttar Pradesh. The real estate sector has been plagued by delays and fraudulent activities, leading to a lack of trust among buyers. UP-RERA's efforts to bring transparency and accountability will help to restore confidence in the sector.
The Prayagraj Development Authority (PDA) is a statutory body responsible for the development of infrastructure and housing projects in Prayagraj, Uttar Pradesh. The PDA has been entrusted with the task of developing several residential and commercial projects in the region.
The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act of the Indian Parliament that aims to regulate the real estate sector in India. The Act establishes a regulatory authority in each state to oversee the real estate sector and ensure compliance with the guidelines. The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is the regulatory body established under RERA to regulate the real estate sector in Uttar Pradesh.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is a statutory body established under the Real Estate (Regulation and Development) Act, 2016. The authority is responsible for regulating the real estate sector in Uttar Pradesh and ensuring compliance with the guidelines.
Frequently Asked Questions
What is the primary concern of UP-RERA?
The primary concern of UP-RERA is to ensure that the registry and possession of properties are in favor of the allottees
What is the role of PDA in Prayagraj?
The Prayagraj Development Authority (PDA) is a statutory body responsible for the development of infrastructure and housing projects in Prayagraj Uttar Pradesh
What is the purpose of RERA?
The Real Estate (Regulation and Development) Act 2016 (RERA) aims to regulate the real estate sector in India and establish a regulatory authority in each state to oversee the sector
What is the function of UP-RERA?
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is responsible for regulating the real estate sector in Uttar Pradesh and ensuring compliance with the guidelines
Why is UP-RERA taking action against PDA?
UP-RERA is taking action against PDA due to its failure to comply with the regulatory guidelines leading to delays in possession and registry of properties
Related News Articles
Indian Real Estate Sees Resurgence in Private Equity Investments
Private equity investments in Indian real estate surged 15% YoY to USD 3 billion in H1 2024, driven by growth in warehousing and residential sectors.
Government Offers Flexibility to Taxpayers on Capital Gains Tax for Real Estate Transactions
In a move to simplify tax calculations, the government has introduced an option for taxpayers to compute capital gains tax on real estate transactions. This change is expected to benefit property sellers and reduce disputes over tax liabilities.
Small Cities, Big Opportunities: How Tier-2 and Tier-3 Cities are Revolutionizing the Real Estate Market
Mid-tier cities like Faridabad, Lucknow, Vrindavan, Ludhiana, Chandigarh, Indore, Dehradun, and Jaipur are becoming hotspots in the real estate market, offering a low-cost, peaceful life and high returns on investment.
Pre-Budget Expectations for the Real Estate Sector in Maharashtra
MahaRERA appoints NAREDCO Maharashtra as the first self-regulatory organization. The Maharashtra Real Estate Regulatory Authority makes a significant step towards ensuring transparency and accountability in the real estate sector.
Barbara Corcoran to Headline Kinexions 2025: A Premier Supply Chain Conference
Real estate mogul and entrepreneur Barbara Corcoran will take center stage at the premier supply chain conference of the year in Ottawa, Ontario, Canada.
Housing Sales Surge in India's Top 15 Tier-II Cities by 20% in Value
Coimbatore leads the growth with a 36% increase in sales volume, while Visakhapatnam's real estate market experiences a 21% downturn.